SASCO net profit climbs 61% in 9M 2017

19/10/2017 Argaam Exclusive

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Saudi Automotive Services Co.’s (SASCO) net profit for the first nine months of 2017 jumped 60.6 percent year-on-year (YoY) to SAR 20.6 million, thanks to higher operating revenue as new site openings and higher profit margin.

Financials (M)

Item	9m 2016	9m 2017	Change‬
Revenues	818.41	896.40	9.5 %
Gross Income	42.72	54.97	28.7 %
Operating Income	12.96	28.77	122.0 %
Net Income	12.84	19.93	55.3 %
Average Shares	70.00	70.00	-
EPS (Riyals)	0.18	0.28	55.3 %

Net profit for the third quarter increased 36.6 percent YoY to SAR 9.11 million, driven by lower general and administrative expenses due to a decrease in the customs claims provision.

Q3 profit was also 40 percent higher, when compared to the previous quarter due to lower financing and marketing costs, higher other income and a decline in zakat expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2016	Q3 2017	Change‬
Revenues	272.49	304.99	11.9 %
Gross Income	17.71	19.20	8.4 %
Operating Income	6.50	10.01	53.9 %
Net Income	6.67	8.96	34.4 %
Average Shares	70.00	70.00	-
EPS (Riyals)	0.10	0.13	34.4 %

Item	Q2 2017	Q3 2017	Change‬
Revenues	309.38	304.99	(1.4 %)
Gross Income	21.11	19.20	(9.0 %)
Operating Income	12.74	10.01	(21.4 %)
Net Income	6.37	8.96	40.8 %
Average Shares	70.00	70.00	-
EPS (Riyals)	0.09	0.13	40.8 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2008	45.26	14.4 %	5.36	5.0 %	5.54	(21.3 %)	0.08
Q2 2008	52.73	25.7 %	8.54	11.0 %	12.45	3.6 %	0.18
Q3 2008	64.72	12.0 %	8.91	(12.2 %)	9.04	(11.2 %)	0.13
Q4 2008	51.61	(1.6 %)	5.61	(5.7 %)	8.48	98.2 %	0.12
2008	214.32	11.8 %	28.42	(1.7 %)	35.51	6.0 %	0.51
Q1 2009	44.25	(2.2 %)	5.53	3.2 %	6.55	18.2 %	0.09
Q2 2009	47.00	(10.9 %)	6.12	(28.4 %)	8.60	(30.9 %)	0.12
Q3 2009	55.74	(13.9 %)	4.04	(54.7 %)	3.34	(63.1 %)	0.05
Q4 2009	43.63	(15.5 %)	1.03	(81.6 %)	13.03	53.7 %	0.19
2009	190.62	(11.1 %)	16.71	(41.2 %)	31.51	(11.3 %)	0.45
Q1 2010	45.44	2.7 %	4.92	(11.0 %)	2.10	(68.0 %)	0.03
Q2 2010	50.64	7.8 %	5.33	(12.9 %)	11.34	31.8 %	0.16
Q3 2010	66.32	19.0 %	9.95	146.5 %	14.51	335.1 %	0.21
Q4 2010	50.71	16.2 %	2.87	178.2 %	8.07	(38.0 %)	0.12
2010	213.11	11.8 %	23.06	38.0 %	36.01	14.3 %	0.51
Q1 2011	49.26	8.4 %	4.70	(4.5 %)	0.59	(71.8 %)	0.01
Q2 2011	59.35	17.2 %	6.41	20.4 %	15.32	35.1 %	0.22
Q3 2011	68.38	3.1 %	6.97	(30.0 %)	6.59	(54.6 %)	0.09
Q4 2011	66.94	32.0 %	4.06	41.3 %	17.57	117.6 %	0.25
2011	243.93	14.5 %	22.13	(4.0 %)	40.07	11.3 %	0.57
Q1 2012	75.00	52.2 %	4.75	1.2 %	25.78	4269.3 %	0.37
Q2 2012	86.85	46.3 %	8.38	30.7 %	9.39	(38.7 %)	0.13
Q3 2012	91.96	34.5 %	7.61	9.2 %	2.39	(63.7 %)	0.03
Q4 2012	91.17	36.2 %	7.26	78.9 %	7.50	(57.3 %)	0.11
2012	344.98	41.4 %	28.00	26.5 %	45.06	12.5 %	0.64
Q1 2013	91.36	21.8 %	7.46	57.0 %	7.90	(69.4 %)	0.11
Q2 2013	98.88	13.8 %	11.42	36.3 %	10.27	9.4 %	0.15
Q3 2013	93.35	1.5 %	9.32	22.5 %	11.08	363.5 %	0.16
Q4 2013	85.32	(6.4 %)	5.88	(19.0 %)	10.56	40.8 %	0.15
2013	368.91	6.9 %	33.06	18.1 %	39.80	(11.7 %)	0.57
Q1 2014	97.98	7.2 %	9.20	23.3 %	7.79	(1.4 %)	0.11
Q2 2014	113.40	14.7 %	12.55	9.9 %	23.06	124.6 %	0.33
Q3 2014	123.57	32.4 %	9.42	1.1 %	3.60	(67.5 %)	0.05
Q4 2014	118.46	38.8 %	6.03	2.6 %	-	-	-
2014	453.37	22.9 %	37.27	12.7 %	82.05	106.2 %	1.17
Q1 2015	126.54	29.1 %	10.03	9.0 %	3.23	(58.5 %)	0.05
Q2 2015	159.53	40.7 %	13.45	7.2 %	3.71	(83.9 %)	0.05
Q3 2015	191.60	55.1 %	17.11	81.5 %	6.48	79.8 %	0.09
Q4 2015	187.37	58.2 %	11.12	84.4 %	-	-	-
2015	665.05	46.7 %	51.71	38.8 %	18.62	(77.3 %)	0.27
Q1 2016	270.95	114.1 %	12.63	25.9 %	1.63	(49.7 %)	0.02
Q2 2016	274.97	72.4 %	12.38	(8.0 %)	4.54	22.4 %	0.06
Q3 2016	272.49	42.2 %	17.71	3.5 %	6.67	3.0 %	0.10
Q4 2016	275.72	47.1 %	15.38	38.3 %	6.69	-	0.10
2016	1,094.12	64.5 %	58.10	12.4 %	25.98	39.6 %	0.37
Q1 2017	282.03	4.1 %	14.66	16.1 %	4.60	183.1 %	0.07
Q2 2017	309.38	12.5 %	21.11	70.4 %	6.37	40.1 %	0.09
Q3 2017	304.99	11.9 %	19.20	8.4 %	8.96	34.4 %	0.13

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2007	191.73	15.5 %	28.91	67.2 %	33.51	443.2 %	0.48
2008	214.32	11.8 %	28.42	(1.7 %)	35.51	6.0 %	0.51
2009	190.62	(11.1 %)	16.71	(41.2 %)	31.51	(11.3 %)	0.45
2010	213.11	11.8 %	23.06	38.0 %	36.01	14.3 %	0.51
2011	243.93	14.5 %	22.13	(4.0 %)	40.07	11.3 %	0.57
2012	344.98	41.4 %	28.00	26.5 %	45.06	12.5 %	0.64
2013	368.91	6.9 %	33.06	18.1 %	39.80	(11.7 %)	0.57
2014	453.37	22.9 %	37.27	12.7 %	82.05	106.2 %	1.17
2015	665.05	46.7 %	51.71	38.8 %	18.62	(77.3 %)	0.27
2016	1,094.12	64.5 %	58.10	12.4 %	25.98	39.6 %	0.37

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2008	14.77 %	-	16.21 %
Q2 2008	14.41 %	-	15.58 %
Q3 2008	13.37 %	-	14.55 %
Q4 2008	13.26 %	-	16.57 %
2008	13.26 %	15.30 %	16.57 %
Q1 2009	13.40 %	-	17.12 %
Q2 2009	12.61 %	-	15.74 %
Q3 2009	10.72 %	-	13.58 %
Q4 2009	8.77 %	-	16.53 %
2009	8.77 %	9.57 %	16.53 %
Q1 2010	8.39 %	-	14.11 %
Q2 2010	7.83 %	-	15.24 %
Q3 2010	10.30 %	-	19.88 %
Q4 2010	10.82 %	-	16.90 %
2010	10.82 %	9.95 %	16.90 %
Q1 2011	10.53 %	-	15.91 %
Q2 2011	10.60 %	-	17.06 %
Q3 2011	9.20 %	-	13.42 %
Q4 2011	9.07 %	-	16.43 %
2011	9.07 %	5.22 %	16.43 %
Q1 2012	8.23 %	-	24.20 %
Q2 2012	8.13 %	-	19.97 %
Q3 2012	7.73 %	-	17.19 %
Q4 2012	8.12 %	-	10.66 %
2012	8.12 %	10.47 %	10.66 %
Q1 2013	8.50 %	-	5.23 %
Q2 2013	9.04 %	-	5.30 %
Q3 2013	9.46 %	-	7.60 %
Q4 2013	9.24 %	-	8.43 %
2013	8.96 %	6.64 %	8.43 %
Q1 2014	9.54 %	-	8.25 %
Q2 2014	9.47 %	-	6.40 %
Q3 2014	8.82 %	-	4.16 %
Q4 2014	8.21 %	-	3.45 %
2014	8.22 %	6.01 %	4.56 %
Q1 2015	7.89 %	-	2.30 %
Q2 2015	7.37 %	-	2.68 %
Q3 2015	7.82 %	-	2.86 %
Q4 2015	7.77 %	-	2.56 %
2015	7.78 %	6.61 %	3.34 %
Q1 2016	6.71 %	-	1.91 %
Q2 2016	5.76 %	-	1.37 %
Q3 2016	5.35 %	-	1.28 %
Q4 2016	5.31 %	-	1.38 %
2016	5.31 %	5.10 %	1.97 %
Q1 2017	5.44 %	-	1.64 %
Q2 2017	6.04 %	-	1.75 %
Q3 2017	6.00 %	-	1.90 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2007	15.08 %	17.43 %	17.48 %
2008	13.26 %	15.30 %	16.57 %
2009	8.77 %	9.57 %	16.53 %
2010	10.82 %	9.95 %	16.90 %
2011	9.07 %	5.22 %	16.43 %
2012	8.12 %	10.47 %	10.66 %
2013	8.96 %	6.64 %	8.43 %
2014	8.22 %	6.01 %	4.56 %
2015	7.78 %	6.61 %	3.34 %
2016	5.31 %	5.10 %	1.97 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2008	11.84 %	14.53 %	12.25 %
Q2 2008	16.19 %	18.71 %	23.60 %
Q3 2008	13.77 %	15.23 %	13.97 %
Q4 2008	10.88 %	-	16.43 %
Q1 2009	12.49 %	14.86 %	14.80 %
Q2 2009	13.01 %	14.67 %	18.30 %
Q3 2009	7.24 %	7.95 %	5.98 %
Q4 2009	2.37 %	-	29.86 %
Q1 2010	10.83 %	10.17 %	4.61 %
Q2 2010	10.52 %	9.87 %	22.38 %
Q3 2010	15.00 %	14.07 %	21.88 %
Q4 2010	5.66 %	-	15.92 %
Q1 2011	9.53 %	28.48 %	1.20 %
Q2 2011	10.80 %	12.27 %	25.80 %
Q3 2011	10.19 %	(11.65 %)	9.64 %
Q4 2011	6.06 %	-	26.25 %
Q1 2012	6.34 %	11.97 %	34.37 %
Q2 2012	9.65 %	(0.45 %)	10.81 %
Q3 2012	8.27 %	8.91 %	2.60 %
Q4 2012	7.96 %	-	(0.85 %)
Q1 2013	8.17 %	6.34 %	8.64 %
Q2 2013	11.55 %	8.34 %	10.39 %
Q3 2013	9.98 %	8.02 %	11.87 %
Q4 2013	6.89 %	-	2.18 %
Q1 2014	9.39 %	7.48 %	7.95 %
Q2 2014	11.07 %	8.74 %	3.74 %
Q3 2014	7.63 %	6.35 %	2.91 %
Q4 2014	5.09 %	-	-
Q1 2015	7.93 %	7.06 %	2.55 %
Q2 2015	8.43 %	7.20 %	4.60 %
Q3 2015	8.93 %	7.65 %	3.38 %
Q4 2015	5.93 %	-	-
Q1 2016	4.66 %	4.42 %	0.60 %
Q2 2016	4.50 %	4.59 %	1.65 %
Q3 2016	6.50 %	6.09 %	2.45 %
Q4 2016	5.58 %	-	0.83 %
Q1 2017	5.20 %	6.06 %	1.63 %
Q2 2017	6.82 %	7.37 %	2.06 %
Q3 2017	6.30 %	7.75 %	2.94 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2008	70.00	0.46	0.46	5.78
Q2 2008	70.00	0.46	0.46	6.67
Q3 2008	70.00	0.45	0.45	6.69
Q4 2008	70.00	0.51	0.51	5.89
Q1 2009	70.00	0.52	0.52	6.01
Q2 2009	70.00	0.47	0.47	6.38
Q3 2009	70.00	0.39	0.39	6.58
Q4 2009	70.00	0.45	0.45	7.13
Q1 2010	70.00	0.39	0.39	7.22
Q2 2010	70.00	0.43	0.43	7.29
Q3 2010	70.00	0.59	0.59	7.78
Q4 2010	70.00	0.51	0.51	7.33
Q1 2011	70.00	0.49	0.49	7.44
Q2 2011	70.00	0.55	0.55	7.65
Q3 2011	70.00	0.44	0.44	7.56
Q4 2011	70.00	0.57	0.57	7.78
Q1 2012	70.00	0.93	0.93	7.88
Q2 2012	70.00	0.85	0.85	7.86
Q3 2012	70.00	0.79	0.79	7.92
Q4 2012	70.00	0.64	0.53	9.91
Q1 2013	70.00	0.39	0.27	9.93
Q2 2013	70.00	0.40	0.28	9.88
Q3 2013	70.00	0.52	0.41	10.11
Q4 2013	70.00	0.57	0.44	10.41
Q1 2014	70.00	0.57	0.44	10.60
Q2 2014	70.00	0.75	0.36	10.66
Q3 2014	70.00	0.64	0.25	10.23
Q4 2014	70.00	0.49	0.22	10.37
Q1 2015	70.00	0.43	0.16	10.43
Q2 2015	70.00	0.15	0.20	10.47
Q3 2015	70.00	0.19	0.24	10.44
Q4 2015	70.00	0.19	0.24	10.46
Q1 2016	70.00	0.17	0.22	11.44
Q2 2016	70.00	0.18	0.18	11.13
Q3 2016	70.00	0.18	0.18	11.15
Q4 2016	70.00	0.28	0.22	11.18
Q1 2017	70.00	0.32	0.26	11.31
Q2 2017	70.00	0.35	0.28	11.40
Q3 2017	70.00	0.38	0.32	11.54

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2007	70.00	0.48	0.48	6.03
2008	70.00	0.51	0.51	5.89
2009	70.00	0.45	0.45	7.13
2010	70.00	0.51	0.51	7.33
2011	70.00	0.57	0.57	7.78
2012	70.00	0.64	0.53	9.91
2013	70.00	0.57	0.44	10.41
2014	70.00	1.17	0.30	10.37
2015	70.00	0.27	0.32	10.46
2016	70.00	0.37	0.31	11.18

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2008	24.29	24.29	1.92
Q2 2008	23.30	23.30	1.62
Q3 2008	18.63	18.63	1.25
Q4 2008	14.06	14.06	1.21
Q1 2009	13.90	13.90	1.21
Q2 2009	19.38	19.38	1.42
Q3 2009	23.54	23.54	1.38
Q4 2009	18.37	18.37	1.16
Q1 2010	21.24	21.24	1.14
Q2 2010	17.40	17.40	1.02
Q3 2010	12.86	12.86	0.97
Q4 2010	15.71	15.71	1.10
Q1 2011	16.08	16.08	1.07
Q2 2011	15.65	15.65	1.12
Q3 2011	20.27	20.27	1.17
Q4 2011	17.19	17.19	1.27
Q1 2012	15.39	15.39	1.82
Q2 2012	11.51	11.51	1.24
Q3 2012	14.54	14.54	1.45
Q4 2012	16.78	20.55	1.09
Q1 2013	40.53	58.27	1.58
Q2 2013	33.10	46.95	1.34
Q3 2013	24.51	31.63	1.27
Q4 2013	25.56	32.71	1.40
Q1 2014	30.03	38.46	1.61
Q2 2014	23.84	50.12	1.68
Q3 2014	30.93	79.58	1.94
Q4 2014	30.56	67.36	1.45
Q1 2015	41.20	More than 100	1.69
Q2 2015	More than 100	More than 100	2.34
Q3 2015	85.40	67.25	1.57
Q4 2015	89.52	70.49	1.64
Q1 2016	74.86	57.29	1.10
Q2 2016	68.85	68.85	1.12
Q3 2016	50.52	50.52	0.83
Q4 2016	51.96	67.07	1.30
Q1 2017	42.04	52.26	1.20
Q2 2017	36.38	44.41	1.11
Q3 2017	38.67	46.33	1.27

Period	P/E	Adjusted P/E	Price/book
2007	34.48	34.48	2.74
2008	14.06	14.06	1.21
2009	18.37	18.37	1.16
2010	15.71	15.71	1.10
2011	17.19	17.19	1.27
2012	16.78	20.55	1.09
2013	25.57	32.71	1.40
2014	12.83	50.99	1.45
2015	64.53	54.01	1.64
2016	39.05	47.01	1.30

Business Segments (Million)

Compared With The

Period	The retail sector and operation (stations and Breathers)	Transportation Fleet	Saudi Autombile and Touring Association - SATA	investment sector	Consolidation adjustments & eliminations
Q3 2012	80.90	1.70	5.65	5.78	(2.06)
Q4 2012	78.36	1.85	6.17	14.58	(9.79)
Q1 2013	81.91	2.21	3.02	12.09	(7.87)
Q2 2013	96.14	-	9.17	-	7.87
Q3 2013	85.51	6.82	7.82	-	(6.81)
Q4 2013	81.32	2.12	4.67	-	(2.79)
Q1 2014	94.51	2.41	3.64	-	(2.57)
Q2 2014	104.35	2.69	9.23	-	(2.87)
Q3 2014	117.00	2.73	6.76	-	(2.92)
Q4 2014	114.97	2.44	3.56	-	(2.54)
Q1 2015	123.27	2.78	3.42	-	(2.92)
Q2 2015	155.78	3.84	3.76	-	(3.84)
Q3 2015	183.13	4.42	8.45	-	(4.40)
Q4 2015	183.06	4.30	4.66	-	(4.64)
Q1 2016	269.80	4.67	3.32	-	(6.83)
Q2 2016	267.65	5.05	8.25	-	(5.98)
Q3 2016	269.70	4.92	5.67	-	(7.81)
Q4 2016	274.25	5.03	3.23	-	(6.79)
Q1 2017	279.64	5.31	3.99	-	(6.91)
Q2 2017	302.81	5.90	8.73	-	(8.06)
Q3 2017	300.71	5.80	6.73	-	(8.26)

Period	The retail sector and operation (stations and Breathers)	Transportation Fleet	Saudi Autombile and Touring Association - SATA	investment sector	Consolidation adjustments & eliminations
2009	170.45	-	20.17	-	-
2010	188.84	-	24.27	-	-
2011	227.22	-	16.72	-	-
2012	300.77	6.51	22.79	53.72	(38.81)
2013	344.88	8.94	24.68	-	(9.60)
2014	430.83	10.26	23.18	-	(10.91)
2015	645.23	15.33	20.29	-	(15.81)
2016	1,081.40	19.66	20.47	-	(27.41)

Financial Ratios

	Current
Market Cap (M Riyal)	3,990.00
Enterprise Value (EV) (M)	5,319.37
Shares Outstanding ((M))	70.00
EPS ( Riyal) (TTM)	1.45
Book Value (BV) ( Riyal)	12.67
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	More than 100
P/E (TTM)	39.34
Price/book	4.50
Return on Average Assets (%) (TTM)	1.7
Return on Average Equity (%) (TTM)	11.8

Saudi Automotive Services Co. (SASCO)

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SASCO net profit climbs 61% in 9M 2017

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2017 Q3

Financial Ratios

Share Price

Saudi Automotive Services Co. (SASCO)

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SASCO net profit climbs 61% in 9M 2017

View other reports

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q3 2017

Revenue by Business Segment (Latest) 2017 Q3

Financial Ratios

Share Price

Saudi Automotive Services Co. (SASCO)

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Business Segments (Million)